10 Financial institution Avenue
RPW Group has acquired 10 Financial institution Avenue, a 239,000-square-foot Class A workplace constructing in downtown White Plains, N.Y., marking the agency’s first foray into town’s central enterprise district.
In keeping with CommercialEdge, the asset final traded in 1999 when the now vendor, Empire State Realty Belief, paid $37.4 million for it. The identical supply reveals that the 12-story trophy constructing was accomplished in 1989 and underwent beauty renovations in 2016.
Evolution Markets, True North Administration Group, CohnReznick and United Company Companies are just a few of the tenants on the trophy workplace tower, as proven by the identical information supplier. An on-site café, a catering kitchen, an ATM, and FedEx and UPS drop packing containers are among the many facilities at 10 Financial institution Avenue.
The brand new proprietor plans a capital enchancment program on the property subsequent yr, geared toward upgrading the foyer and the eating facility, in addition to including a brand new tenant lounge, conferencing heart and health club.
Newmark Govt Managing Director Kevin Welsh, Managing Director Brian Schulz, along with Evan Layne and Brett Siegel, co-heads of the corporate’s New York Capital Markets funding staff, organized the sale of the workplace asset. Govt Managing Director Glenn Walsh served because the staff’s leasing market advisor.
CBRE Senior Vice Presidents Michael McCall and Brian Carcaterra, together with Vice President Sheera Riemer, oversee leasing exercise on the property. In keeping with the corporate’s web site, there are 67,769 sq. ft at present accessible for lease at 10 Financial institution Avenue.
Wealthy environment
The constructing is adjoining to the White Plains Transportation Heart, serving the Metro North commuter line and offering connectivity to Grand Central Terminal. Accessible by way of the Hutchinson River/Merritt Parkway, in addition to interstates 87, 95, 287 and 684, the property is lower than 10 miles from Westchester County Airport. The LaGuardia, JFK and Newark airports are additionally inside a 45-mile radius of the property.
Positioned in White Plains city core, 10 Financial institution Avenue is surrounded by an array of banks, eating places, inns, enterprise suppliers and retail facilities. The Westchester Mall is lower than 2 miles from the property, providing entry to varied outlets, eating choices and leisure venues.
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In keeping with the most recent CommercialEdge workplace market report, workplace jobs development in gateway and tech-focused markets improved year-over-year by September. New York recorded a 5.8 % rise.
Millennials shifting to suburban areas exterior of New York Metropolis seeking more room and the next high quality of life are drawn to White Plains’ walkable and transit-oriented downtown space. Town has been having fun with vital institutional funding and long-term commitments from a number of multifamily builders. Upon completion of all of the deliberate growth, RPW Group expects the inhabitants of the White Plains CBD to rise by 25 %.
